Chapter 9- Estates And Bundle Of Rights Flashcards
Land ownership in the US is based upon what system?
Allodial system
What is the outright ownership of land or real property for an unending period of time?
Freehold Estate
The ownership of the right to hold land or real property for a specific period of time, after which the land or property reverts to the original owner
Leasehold Estate
In order for an estate to be freehold, known as a freehold estate, it must have what 2 qualities?
-Immobility
-Endless Duration
Ownership of land or property that has a termination date
Leasehold
Four types of freehold estates:
-Fee simple, also called fee simple absolute
-Fee defeasible
-Life estate
-Fee tail
Four types of leasehold estates:
-Estate for years (tenancy for years)
-Estate for period (periodic tenancy)
-Estate at will (tenancy at will)
-Estate at difference (tenancy at sufferance)
What are the 2 types of life estate?
-Voluntary life estate
-legal life estate
What are the 2 types of life estate?
-Voluntary life estate
-legal life estate
What are the 3 types of voluntary life estate?
-Estate in reversion
-Estate in remainder
-Estate in reservation
An owner grants the ownership of a property to another person for a temporary period, after which the property reverts back to the original owner.
Estate in Reversion
An owner grants the ownership of a property to another person for a temporary period, after which the properties ownership goes to a third party known as a remainderman, who is designated by the original owner.
Estate in Remainder
The grantor transfers ownership of of a property but retains the right to possess the property for the duration of his or her own life.
Estate in Reservation
What are the 3 types of legal life estate?
-Dower
-Curtesy
-Homestead
A wife’s interest in the husbands property
Dower
